Saudi Prince Alwaleed Declares that Bitcoin Will Implode

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Saudi Prince Alwaleed bin Talal, the billionaire investor, says that Bitcoin will implode one day and that the cryptocurrency is an Enron in the making.
Despite the frenzy and success of the modern day gold rush for cryptocurrency, there are still plenty of detractors. Jamie Dimon of JPMorgan has made waves by going on record and dismissing Bitcoin, calling it a fraud. Now we can add billionaire investor Prince Alwaleed bin Talal of Saudi Arabia to this list. In an interview with the Squawk Box on CNBC, Prince Alwaleed said that Bitcoin will implode.
Prince Alwaleed bin Talal in his younger days.
Prince Alwaleed Not Impressed with Bitcoin
While one would immediately discount the grumblings about Bitcoin from Prince Alwaleed as out of touch, the Saudi prince has been involved with high tech industries for some time. He runs a huge conglomerate, Kingdom Holding, that has investments in Apple, Twitter, and Citigroup. He’s even invested in Lyft (which might help his female relations).
As for Bitcoin, Prince Alwaleed bin Talal said:
It just doesn’t make sense. This thing is not regulated, it’s not under control, it’s not under the supervision. I just …